Ah, I see. We are talking about two different things.
You are talking about bank accounting. Yes, after taking out the gold reserve requirement and international trading agreement (Bretton Woods) the inflation dial was able to be turned much farther. Also deficit spending was allowed to run rampant. As I said above, those were big deal fuckeries, but they are not the gold standard. They are bank accounting procedures and an increase in economic manipulation capacity.
The gold standard means that money IS gold. Paper money = physical gold. They can be interchanged. They are identical. That is what it has meant for over a thousand years, ever since they first started issuing bank notes. That ended in 1933. Bringing back the gold standard has nothing to do with bank reserves. It has nothing to do with trading gold with other countries, or even economic dials. It means that what we use as an intermediary for barter is a tangible asset, in this case the element Gold at a set value per measure.
Ah, I see. We are talking about two different things.
You are talking about bank accounting. Yes, after taking out the gold reserve requirement and international trading agreement (Bretton Woods) the inflation dial was able to be turned much farther. Also deficit spending was allowed to run rampant. As I said above, those were big deal fuckeries, but they are not the gold standard. They are bank accounting procedures and an increase in economic manipulation capacity.
The gold standard means that money IS gold. Paper money = physical gold. They can be interchanged. They are identical. That is what it has meant for over a thousand years, ever since they first started issuing bank notes. That ended in 1933. Bringing back the gold standard has nothing to do with bank reserves. It has nothing to do with physical gold having a set value. It means that what we use as an intermediary for barter is a tangible asset, in this case the element Gold at a set value per measure.
Ah, I see. We are talking about two different things.
You are talking about bank accounting. Yes, without the gold reserve requirement and without the international trading agreement (Bretton Woods) the inflation dial was able to be turned much farther. Also deficit spending was allowed to run rampant. As I said above, those were big deal fuckeries, but they are not the gold standard. They are bank accounting procedures and an increase in economic manipulation capacity.
The gold standard means that money IS gold. Paper money = physical gold. They can be interchanged. They are identical. That is what it has meant for over a thousand years, ever since they first started issuing bank notes. That ended in 1933. Bringing back the gold standard has nothing to do with bank reserves. It has nothing to do with physical gold having a set value. It means that what we use as an intermediary for barter is a tangible asset, in this case the element Gold at a set value per measure.